Contents of state management of real estate business in Vietnam as of January 1, 2025

What are the contents of state management of real estate business in Vietnam as of January 1, 2025? - Quang Huy (Ha Tinh)

Contents of state management of real estate business in Vietnam as of January 1, 2025

Contents of state management of real estate business in Vietnam as of January 1, 2025 (Internet image) 

Regarding this matter, LawNet would like to answer as follows:

On November 28, 2023, the National Assembly officially passed the Law on Real Estate Business 2023.

Contents of state management of real estate business in Vietnam as of January 1, 2025

According to Article 80 of the Law on Real Estate Business 2023, the content of state management of real estate business includes:

- Promulgate and organize the implementation of legislative documents on real estate business.

- Manage real estate business activities.

- Develop and manage housing and real estate market information system.

- Promulgate decisions and regulations on management and regulation of the real estate market.

- Carry out inspection of compliance with regulations of law, and settlement of complaints, denunciations and violations against regulations of law on real estate business.

- Disseminate and educate regulations of law on real estate business, and monitor the implementation thereof.

Currently, according to Article 76 of the Law on Real Estate Business 2014, regulations on state management of real estate trading are as follows:

- Issue and implement legislative documents on real estate trading.

- Formulate and issue strategy for real estate market development, plans for conducting real estate projects.

- Formulate and announce indices of real estate market evaluation.

- Formulate communication system about real estate market.

- Inspect the implementation of regulations of law on real estate trading and real estate project execution.

- Raise awareness of law on real estate trading.

- Handle complaints, denunciation, and violations against law on real estate trading.

Regulations on responsibility for state management of real estate business in Vietnam as of January 1, 2025

According to Article 81 of the Law on Real Estate Business 2023, the responsibility for state management of real estate business are stipulated as follows:

- The Government shall assume responsibility for consistent state management of real estate business.

- The Ministry of Construction of Vietnam acts as a conduit in charge of assisting the Government to perform consistent state management of real estate business, and perform the following tasks and powers:

+ Request competent authorities to promulgate or directly promulgate, within their jurisdiction, legislative documents on real estate business;

+ Formulate projects/policies for development and management of real estate business;

+ Play the leading role and cooperate with Ministries, ministerial agencies and provincial People's Committees in requesting competent authorities to adopt methods for regulating the real estate market;

+ Play the leading role and cooperate with relevant Ministries, ministerial agencies and provincial People's Committees in organizing implementation of the Law on Real Estate Business 2023 and management of real estate business;

+ Manage the issuance of practicing certificates for real estate brokers, and manage real estate brokerage activities; manage the establishment and operation of real estate trading floors;

+ Play the leading role and cooperate with Ministries, ministerial agencies and provincial People’s Committees in developing, managing and operating the national housing and real estate market information system; formulating and announcing criteria for evaluation of the real estate market nationwide;

+ Disseminate and educate regulations of law on real estate business, and monitor the implementation of such regulations nationwide;

+ Enter into international cooperation in real estate business;

+ Inspect the compliance with the Law on real estate business; cooperate with provincial People’s Committees in inspecting and reviewing real estate business activities in order to request competent authorities to suspend, terminate, adjust, convert or transfer real estate projects;

+ Settle complaints and denunciations, and directly take actions within its jurisdiction, or request competent authorities to take actions, against violations as prescribed by law;

+ Submit reports to the Government on real estate business and real estate market nationwide.

- Ministries and ministerial agencies shall, within the ambit of their assigned functions, tasks and powers, cooperate with the Ministry of Construction of Vietnam to perform the state management of real estate business.

- Each provincial People’s Committee shall:

+ Perform state management of real estate business activities conducted in their province;

+ Manage real estate brokers’ practicing, operation of real estate trading floors, provision of real estate brokerage services and other real estate services in their province;

+ Develop, manage and operate the housing and real estate market information system, formulate and announce criteria for evaluation of the real estate market in their province;

+ Disseminate and educate regulations of law on real estate business, and monitor the implementation thereof in their province;

+ Cooperate with the Ministry of Construction of Vietnam in studying and proposing methods for regulating the real estate market in their province;

+ Carry out inspection, settle complaints/denunciations and take actions against violations against regulations of law on real estate business committed in their province within their jurisdiction; organize inspection and review of real estate projects in their provinces;

+ Submit reports on developments of their local real estate market to the Prime Minister of Vietnam and the Ministry of Construction of Vietnam on a periodical or ad hoc basis.

- District-level People’s Committees shall perform state management of real estate business within their jurisdiction as prescribed by law and as assigned by their superior authorities.

More details can be found in Law on Real Estate Business 2023 taking effect on January 1, 2025.

The Law on Real Estate Business 2014 expires from the effective date of the Law on Real Estate Business 2023, except for the cases specified in Clauses 2, 3, 5, 6, 7, 9, 12 and 13 Article 83 of the Law on Real Estate Business 2023.

To Quoc Trinh

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